For home sellers that are facing multiple offers, choosing the best offer may be difficult depending on the circumstances. The biggest issue for many in selecting the right offer is they fear that another, better offer is being overlooked. Once you have made your choice, there is no going back. So, you need to make the best choice possible when purchasing a home.
Here are a few tips that will help you choose the best offer and provide some peace of mind so that you are not worrying about missing a better deal.
One way to start telling the differences between offers is creating a list of benefits and potential detriments to each one that you receive. The main differences will usually be between those that offer a higher buying price and those who can close the deal faster. Cash offers are always good, but those who have yet to be pre-approved for mortgage deals may not be that attractive. You should have the language in the contract looked over as well. However, the easier the transaction process, the more attractive the offer will be.
The best deal for you starts by knowing what you want from the sale. Everything begins with what is most important to you. For many, it will means taking the highest offer while for others it means getting an offer that comes in quickly to avoid a short sale situation. If you are moving because of taking a new job for example, then time and not the amount of the offer may be more important. You’ll want to write down what you find most important from an offer and keep that near you for reference.
The right buyer is one that will be flexible to reach a good deal. They will try to work with you so that they can reach a place that is more to your liking. Flexibility is important because even a really good offer can break down once the contract process gets going. The normal give and take needs to be there if the deal is going to go through. So, look for buyers that seek to work with you and are flexible on some of the terms.
All too often, sellers look for the highest bid rather than look over demands of the buyer. A high bid doesn’t do you any good if the deal will be difficult to close. If the buyer is asking for a lot, you may be better off passing on them and looking for someone that will concede on certain issues in order to push through the deal. After all, it’s not so much what a buyer offers, it’s how much the home will sell for that is important.
You’ll want to take enough time to consider the multiple offers on your home. However, once you have made your choice, you should move on it quickly. The secret to choosing the best offer is knowing what you want, seeing the potential benefits and complications, and being flexible enough to work with the buyer.